Hi nomoretoxic thanks for all you do here. I just started to read your ideas for the box, I would like to here from you regarding gbp/jpy what do you think about this pair far as trading the box system.
Thanks again.
E
Blessed are they who maintain justice, who constantly do what is right.
Keep us posted if you start another thread. It is nice to hear from someone who is trading for a living and keeps things simple and straight forward. NoMo, you have been a breath of fresh air on this forum.
Hi nomoretoxic thanks for all you do here. I just started to read your ideas for the box, I would like to here from you regarding gbp/jpy what do you think about this pair far as trading the box system.
Thanks again.
E
Ignored
You can trade any pair. GPB.JPY has very fast n' wild rides. Need to adjust your load.
Keep us posted if you start another thread. It is nice to hear from someone who is trading for a living and keeps things simple and straight forward. NoMo, you have been a breath of fresh air on this forum.
It worked for you so thats good. A few things, this was a no trade for me due to a few things.
Closed candle is 9:04.59, your line is drawn at 9:00.00 closed candle.
Your breakout candle is actually your hi of the box.
Your retrace candles happened before the breakout.
Your entry candle is actually your breakout candle.
There was no retracement in the box.
Thats one way.
Another way, wait till that doji by your exit, Place buy a few pips above doji, stop loss 20pip minimum, take profit 20 pips. Could have held this long for a solid +60.
AUD/USD, consolidation taking place here, ever since the start of the Asian Session. A breakout is a must, trade the pullback. (I know it is not the NY session but it is just an example)
Although my schedule (read that kids and work) don't allow me to trade a 5 minute chart very often. It really helps me to see a trade from inception where I can learn from seeing it evolve. Charts are helpful but not necessary if they are too time consuming to add.
Although my schedule (read that kids and work) don't allow me to trade a 5 minute chart very often. It really helps me to see a trade from inception where I can learn from seeing it evolve. Charts are helpful but not necessary if they are too time consuming to add.
Thank you for the generosity of your time.
T...
Ignored
I understand perfectly.
I trade off daily charts as well. Less time-consuming. But don't use the box for that. Market dynamics are different.
I can see the confusion. I haven't look at my notes but I deeply apologize.
The price needs to break the box. It's a breakout we're looking for. Not necessarily close outside the box.
Breaking to box clearly defines the market looking for a new high or low. That is called "price discovery If I have something about the close has to be outside the box, please disregard. I am human, you know.
One thing for sure is that everything must be done at the close. In other words, you don't place a limit until you see the breakout/pullback candle closed.
Remember that the "kicker" of the system is wait for the pullback to be sure the market keeps it's intentions to go that route.
Again, I haven't check my notes but if it's so again, my apologies.
Based on a break of the box and not only a close above the box then there were trades on AUDUSD, USDCHF GBPUSD and EURUSD this morning that each would have yielded 20 PIPs of profit, if I'm using the strategy correctly.
I can see the confusion. I haven't look at my notes but I deeply apologize.
The price needs to break the box. It's a breakout we're looking for. Not necessarily close outside the box.
Breaking to box clearly defines the market looking for a new high or low. That is called "price discovery If I have something about the close has to be outside the box, please disregard. I am human, you know.
One thing for sure is that everything must be done at the close. In other words, you don't place a limit until you see the breakout/pullback candle closed.
Remember that the "kicker" of the system is wait for the pullback to be sure the market keeps it's intentions to go that route.
Again, I haven't check my notes but if it's so again, my apologies.
